Answer:
It would take at least 7 years for the account balance to reach at least $6000.
Step-by-step explanation:
The formula used to solve for the amount of interest made over time is: I = PRT, where I = interest earned, P = principal amount, R = rate and T = times. In this case, the principal amount is $5000. The annual rate is 3% (or the decimal equivalent of 0.03), the amount of interest earned should be equal to $1000, since the total amount in the account should be at least $6000. So, the variable that we are solving for is 'T' or time.
I = PRT
1000 = 5000(0.03)T
1000 = 150T
6.67 = T
So, the amount of full years would be rounded to 7.
